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With this age of engine, the most likely cause is plugged up drain holes in the head. This allows the oil that goes to the cam and valve mechanism to be retained under the valve cover and present a challenge to the old valve cover gaskets,. Recommend you remove the valve cover, make sure the oil drain holes are clear and replace the valve cover gasket.

Check that the cover gasket is in fact still under the cover and hasn't slipped inside when being fitted . Remove the cover and reposition the gasket using an adhesive to hold it in place while refitting

oil leaks can come from many things.like front timing cover crankshaft seal, rear main oil seal,with engine running look under car around oil pan area check see if you see heavy oil leak which will come from loose or damage oil filter and seal or check oil pressure sending unit at bottom right rear engine block or right rear corner of the oil pump.if oil leak small leak the front crankshaft seal and rear main seal leaking .

valve cover gasket is like $20 and a do it yourself job, just buy a manual like a chiltons from an auto parts store. if it was valve cover, the smoke would be coming from engine, not tailpipe.

rear seal is in between engine and tranny, this would cause oil to leak on ground, but not to burn

if smoke is coming from tailpipe, your piston rings might be going bad. that is an expensive repair, but switching to synthetic oil may give you several more years of life out of the piston rings, synthetic oil has a way of soaking into bad piston rings and temporarily making them like new again, unless they are already too far gone.